Malaysia Future Market Review 070909

Despite overnight advance in Wall Street, Malaysian index futures opened bland last Friday. Prices drifted aimlessly between 3 points range in the absence of fresh lead to spur buying interest coupled with the mixed performance in regional peers. However, futures traded on upward bias in the afternoon session amid rebound in most of the Asian's stocks, notably Hong Kong, as China ease capital requirements on foreign institution and delay on capital controls for banks. At close, Sept 09 contract peaked at 1182, up 5 points.

Last Friday, US stocks jumped in light trading although the unemployment rate hit a 26-year high as investors largely looked to the silver lining at the pace of job losses in August that dipped to the lowest level in a year. Taking cue from the advance, futures looks set for an attempt to revisit year's high at 1189.5 with downside risk limited at 1176.